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MINTAILS LIMITED (ASX CODE: MLI)

Mintails Limited's (Mintails) underlying activities are the development, processing and production of substantial gold, uranium and sulphur bearing 'mining tailings' located on the West and East Rand areas of the Witwatersrand Basin, near Johannesburg, South Africa.

MPJ currently owns approximately 10.80m shares in Mintails continues to believe it is a solid undervalued gold story in a rising gold market. MPJ recently held detailed talks with management and continues to support the current business plan and execution timeline.

Mintails’ substantial asset base includes;

  • 100% of the Mogale Plant and associated tailings resources, located on the West Rand,
  • 50% of the ERGO Mines Joint Venture with DRDGold which owns the rights to process of 1.5 billion tonnes of tailings materials on the East Rand, and,
  •  extensive plant, infrastructure and mining equipment facilities on both the West and East Rand

West Rand (100% MLI / BEE)

WEST RAND OPERATIONS

  • Mogale Gold 1 Plant - Upgrading continued during 2009
  • Mogale Gold 2 Plant - Construction started April 2009 for commissioning December 2009
  • Witfontein Regional Tailings Facility - Mining License Application lodged August 2008

Mogale Gold 1
The Mogale Project currently possesses 322 million tonnes of surface tailings, which contains a 3.19m ounce JORC gold resource, a 25.65m pound JORC uranium resource and a yet to be classified sulphur resource.

The Mogale Sand circuit also known as Gold 1, has been run as a ”proof of concept” circuit on the West Rand to gather operational information for the planned expansions on the West Rand.

Mogale Gold 1 is currently the only Mintails operating plant on the West Rand. It was re-commissioned in April 2006 with the intention of providing the necessary operating platform for all future Mogale metallurgical expansions on the West Rand.

  • The production for the 2009 financial year was 1,742,000 tonnes producing 571 kg (18,365 oz) of gold

Mogale Gold 2

It is envisaged that Mogale Gold 2 will treat up to 350,000 tonne per month of reclaimed tailings for gold extraction. Construction of the metallurgical plant and upgrading of plant infrastructure is ongoing. Commissioning is scheduled for December 2009. The commissioning of this second circuit would reduce operational costs at the Mogale site to an average of US$690 per ounce of gold produced

Mintails has also established a regional tailings facility at Witfontein, which DRD Gold joined as a 50:50 partner in late 2008. Discussions are continuing with other key regional players regarding the admission of further members into the venture. Mintails currently has sufficient deposition capacity to accommodate its planned production for approximately 5 years. The new planned deposition at Witfontein may provide an additional 750 million tonnes of deposition and opportunities to consolidate and acquire additional resources on the West Rand.

East Rand: ERGO Mines Joint Venture (50% MLI / 50% DRD)

On the East Rand, Mintails continues to hold a 50% interest in the ERGO Mining JV which comprises; the Brakpan Plant, approximately 1.5 billion tonnes of East Rand tailings and deposition capacity. Feasibility studies currently being undertaken are fully funded and recommendations and cost estimates are expected by the end of 2009. The Company is undertaking work to further delineate its resource estimates in the ERGO Mining JV and conceptual targets for the East Rand tailings assets.

Phase 1 of the JV operation (which DRD now owns 100%) involved the refurbishment of one leg of the CIL circuit at the Brakpan plant and the construction of reclamation stations at the Benoni and Elsburg dumps. This phase has the potential to process 15 million tonnes per annum.  

Phase 2 of the ERGO Mines JV, now under investigation, envisages the expansion of the gold plant by refurbishing the second CIL circuit and the development of uranium and acid plants. Both JV parties intend to commission Feasibility Studies to explore the use of CIL 2 in their independent capacities or as JV partners. The uranium and sulphuric acid capacity of Phase 2 will be determined by a detailed feasibility study. The arrangements between the JV partners have been structured to provide for the contribution of funds to carry out preliminary and desk top studies to determine if and when the detailed feasibility should commence. All other assets to the JV operation are managed on a 50:50 basis.

The East Rand operation does not currently contribute revenue to Mintails. It is however regarded to carry significant strategic value. The Brakpan plant is optimally positioned to treat deposits and dumps in the area through a second CIL leg of the Brakpan plant. The JV has also acquired the tailings deposition sites of both Brakpan/Withok and Daggafontein which are vital to metallurgical operations on the East Rand.

West Wits Mining Limited
Mintails owns 27.7% of the listed capital in West Wits. West Wits was formed to actively explore sub-surface mineralisation on the West and Central Rand and has established initial JORC classified reserves and resources.

www.mintails.com